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ONGC Chairman Shri D K Sarraf with MD MRPL, Shri H Kumar Addressing the Media on Annual Results of the Company at ONGC Headquarters, New Delhi

New Delhi, May 17 Mangalore Refinery and Petrochemicals Ltd has achieved its highest ever profit before tax (PBT) of Rs 2897 crore in the fourth quarter of last fiscal. The company also recorded highest ever profit before tax of Rs 5531 crore for the financial year 2016-17.

The state’s only refiner also achieved the highest ever throughput of 16.27 MMT in the last fiscal and declared a 60% dividend, that is Rs 6 per share amounting to Rs 1051.56 crore.

The board of directors of MRPL on Wednesday approved its unaudited financial results for the fourth quarter of last fiscal along with the audited financial results for fiscal ended March 2017. MRPL posted turnover of Rs 18,100 crore for the fourth quarter of FY 2016-17 an increase of 34% as compared to Rs 13,477 crore in the corresponding quarter of FY 2015-16.

MRPL recorded  turnover increase of 34 %  The Turnover was Rs 18,100 crore (exports Rs 3,913 crore) for the Q4 FY 2016-17 as against Rs 13,477 crore (exports Rs 3,375 crore) during the corresponding quarter of FY 2015t-16

Addressing the Media at ONGC Headquarters today Chairman of ONGC Mr. D K Sarraf said MRPL net profit for the fourth quarter of 2016-17 at Rs 1,942 crore was higher than Rs 1,362 crore in the year-ago in the same period,

The company posted highest ever profit after tax (PAT) for Q4 FY 2016-17 of Rs 1,942 crore (after considering Rs 170 crore as depreciation, Rs 122 crore as interest cost, net foreign exchange gain of Rs 305 crore), as against PAT of Rs 1362 crore for Q4 FY 2015-16.

The throughput of 4.23 MMT for the Q4 FY 2016-17 is marginally lower as against 4.52 MMT in Q4 FY 2015-16 on account of shut down of one of the primary unit for five days during the quarter.

MRPL achieved a turnover of Rs 59,415 crore (exports Rs 14,457 crore) during FY 2016-17 as against Rs 50,864 crore (exports Rs 12,616 crore) during FY 2015-16 (overall increase by 17% and exports by 15%).

MRPL has increased its strong market presence by way of direct marketing of its products petcoke, sulphur and polypropylene and is increasing product grades of polypropylene to enhance this market share and thereby fetch higher margins.

“The profit was higher on two accounts – one because of higher refinery efficiency and two, reversal of foreign exchange provision,” Sarraf  said. The company reversed Rs 1,597 crore it had provisioned to pay Iran for past oil dues.

USD 2.5 billion of dues were cleared in 2016- 17 to Iran after the lifting of sanctions.

The Company has recommended dividend @ 60% (i.e. ` 6/- per share) amounting to ` 1,051.56 Crore.

 

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